New Chairman announced for Essdar Capital Group

H.E. Khalil Foulathi was appointed as Board Chairman of the Central Bank of the UAE further to President H.H. Sheikh Khalifa bin Zayed Al Nahyan Federal Decree Number 56 of year 2008, and as such H.E. Khalil Foulathi has relinquished the Chairmanship of Essdar Capital Board.

Essdar Capital's CEO, Mohamad Soutedeh stated "H.E. Foulathi's contribution as a founder of Essdar Capital has been extremely significant. We wish him the very best with his new appointment."

H.E. Al Shamsi is currently the Chairman of Al Quadra Holding as well as the CEO of International Capital Trading.

H.E. Al Shamsi is a director of leading regional institutions such as the Abu Dhabi Council for Economic Development, Etihad Airways, Finance House and Qatar telecom (Qtel).

Essdar Capital Limited Nomination and Corporate Governance Committee conducted a thorough search to find a suitable replacement for H.E. Foulathi and deliberately set the bar high to ensure the right candidate was appointed.

Hafsa Al Ulama, Vice Chairman of Essdar Capital stated "The Board of Essdar Capital is delighted to make this excellent appointment. H.E. Al Shamsi was chosen based on his unquestionable knowledge of the markets as well as the GCC region, and his strong belief in corporate governance and international best practice. He will be a strong leader to take Essdar Capital through the next stages of growth and expansion."

H.E. Al Shamsi said: "I am honoured to have been invited by the Board to become Essdar Capital's Chairman and to help build on the initial stages that the current management has wrought. It is a great business model, with unequalled local and international expertise and I am looking forward immensely to working to take Essdar Capital forward in the future."

The appointment of H.E. Al Shamsi will take effect immediately.